This preview shows page 1. Sign up to view the full content.
Unformatted text preview: stores total revenue? 2. Calculate the income elasticity of the following goods and say whether they are necessities, luxuries, or inferior goods. A. When income decreases by 20%, the quantity of gas demanded decreases by 10%. B. When income increases by 10%, the quantity of new cars demanded increases by 15%. C. When income increases by 25%, the quantity of baloney demanded decreases by 5%....
View Full Document
This document was uploaded on 10/31/2011 for the course ECO ECO2023 at FSU.
- Fall '11